Quote:
Originally Posted by spacemanrick
Here is a perfect example of rental income cash flow analysis for an owner not matching the current price of a property. This 1,440 apartment in Coal Harbor at the Cascina on the 22nd floor is currently available to be rented out out at only $5,000 per month. The same 1,440 square foot apartment is for sale on a lower floor (15th floor) for $2,888,888 and is assessed at $2,935,000!
The $5,000 monthly rental income would only cover the mortgage payment on a $1,000,000 mortgage. What about the other $2,000,000 required to buy the property? What about the strata fees that are a whopping $1,008 per month? What about the $600 in property tax per month? Take out the rampant speculation, foreign money being dumped here, and money laundering ...then either rental income has to go up a lot or the price has to come down on the property.
https://vancouver.craigslist.org/van...850923798.html |
I have been following another fully furnished 1,440 square foot condo for rent at the Cascina in Coal Harbor. Last week they were asking $4,500 per month rent and the monthly rent has now just been lowered to $4,200 per month.
These rental numbers make absolutely no sense and are bonkers for renting a $3,000,000 property. If my kids were older and out of the house I would sign a 1 year lease on this property in a heart beat. Why would anyone pay $3,000,000 (or even $2,000,000) for this property + pay $1,000 monthly maintenance + $600 monthly property tax when they could rent it furnished for $4,200 per month???
https://vancouver.craigslist.org/van...887576642.html